Inside Treasury’s Crypto Roundtables: Industry Seeks Clarity, Treasury Eyes Reform
Participants expressed positive feedback from Treasury’s crypto meetings
Welcome to the Friday edition of the Crypto In America newsletter!
As Crypto In America first scooped, the Treasury Department held a series of confidential roundtables last week with major players across the crypto and banking sectors — and while there were no bombshells, attendees that spoke to us in confidence say the conversations were candid and direct.
The 75-minute sessions were described by multiple participants as "open and collaborative," akin to the format of the White House Crypto Summit, where participants were encouraged to elaborate on issues they wanted the administration to hear. The agenda centered on four main areas: stablecoins, decentralized finance, banking relationships, and cybersecurity.
Some Key Takeaways:
Treasury officials, including crypto policy lead Tyler Williams, gently steered the dialogue but largely let the industry do the talking.
Andrea Gacki, FinCEN’s director, was also in attendance at some of the meetings.
A wide swath of participants attended including stablecoin issuers, blockchain analytics firms, major exchanges, large banks, and Layer 1 blockchains.
Passing stablecoin legislation emerged as a top priority for both crypto industry leaders and major banks at the roundtables.
Banking Regulation in the Spotlight
Ahead of the crypto banking roundtable held on Monday, Treasury held a separate session with Wyoming’s Special Purpose Depository Institutions the week prior — a notable move given the sustained pressure these state-chartered institutions have faced from the Fed over access to its payment systems. One participant said Treasury’s decision to prioritize the SPDIs “wasn’t accidental,” noting the department “wanted the real story” and is taking a hard look at the Fed’s approach.
“Fed reform is coming for sure,” one attendee told Crypto In America, adding that Treasury is actively considering recommendations to narrow the Fed’s role to monetary policy only, stripping away its bank supervisory authority.
A key date to watch: July 22, when Treasury is expected to release a sweeping report on crypto banking, as required by a White House executive order.
Other Industry Takeaways:
Regulatory clarity remains the top concern. Firms want clear guidance on BSA/AML compliance, handling unhosted wallets, and transaction monitoring responsibilities.
Stablecoin regulation is the top priority right now particularly in monitoring circulation and assigning accountability for transactions.
The push for legislation over patchwork regulation was strong and unified. Industry participants emphasized the need for a durable legal framework that won't shift with changing administrations.
Treasury signaled it’s still taking feedback — and keeping its door open.
As one attendee put it: “They’re listening — now we’ll see if they deliver.”
Weekly Recap
ICYMI. Here are some of the biggest news stories this week from the intersection of Washington and Web3:
Bitcoin hits a new all-time high, surpassing $111,000.
President Trump attended a private dinner Thursday night with 220 holders of his $TRUMP meme coin — but didn’t stick around for long. One attendee told Crypto In America he gave brief remarks and left shortly after.
Ahead of the dinner, top Democrat on the House Financial Services Committee, Rep. Maxine Waters, introduced a bill called the “Stop TRUMP in Crypto Act” which would prevent the president and his immediate family from profiting off crypto ventures while he serves in office.
JPMorgan, Bank of America, Wells Fargo, Citigroup, and other major U.S. banks are exploring the creation of a joint stablecoin, according to a report from The Wall Street Journal.
The House Financial Services Committee is preparing to hold a markup on its crypto market structure bill as early as June 10.
The Senate voted 69-31 on Wednesday to advance the GENIUS Act, clearing the way for formal debate on the bill. Lawmakers are expected to introduce a series of amendments in the coming days, with a final vote anticipated in the weeks ahead.
Kraken plans to launch more than 50 tokenized stocks and ETFs including Apple, Tesla, and NVIDIA, enabling 24/7 trading of equities outside of the U.S.
FIFA is launching its own layer-1 blockchain on Avalanche.
Texas Governor Greg Abbott signals he plans to sign a strategic bitcoin reserve bill into law following the House’s passage of the bill this week. Texas would become the third state to enact such legislation, joining New Hampshire and Arizona.
The SEC is suing crypto company Unicoin and some of its execs, including CEO Alex Konanykhin and Silvina Moschini, for allegedly defrauding more than 5,000 investors with false and misleading claims that its crypto token was backed by billions in real estate.
Cheerio, London!
Big thanks to our sponsor, Avalanche, for hosting us at the Avalanche London Summit at the stunning Hatfield House this week!
We recorded a live episode on stage with Ava Labs CEO Emin Gün Sirer, which will be dropping next Wednesday.
Remember, new editions of the Crypto In America newsletter drop every Monday, Wednesday and Friday at 7AM EST.
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Great week. Thanks for your coverage of events. Maybe you get a few days' breather.